The novel protein degradation technology RIPTAC (Regulated Induced Proximity TArgeting Chimeras) is advancing into global clinical trials, with Jiangsu Hengrui Pharmaceuticals emerging as a key leader in China. Hengrui's AR-directed RIPTAC candidate, HRS-7525, has initiated a global trial for metastatic castration-resistant prostate cancer (mCRPC), enrolling its first patient in July 2026. Operating via a unique 'Hold and Kill' mechanism, RIPTAC forms stable ternary complexes to selectively destroy cancer cells while sparing normal tissue, offering a precision approach with potentially fewer side effects. The technology's promise is underscored by Johnson & Johnson's $3.05 billion acquisition of RIPTAC pioneer Halda Therapeutics in 2025. With multiple Chinese pharmaceutical companies actively pursuing RIPTAC development, China is rapidly positioning itself as a major global player in this next-generation oncology therapeutic modality.

On September 7, China's Center for Drug Evaluation (CDE) proposed including three domestic innovative drugs in the breakthrough therapy program, all targeting non-small cell lung cancer (NSCLC). AnRun Medical Technology's AMX3009, an irreversible EGFR/HER2 inhibitor, is designated for first-line treatment of NSCLC with EGFR uncommon mutations. CSPC Pharmaceutical Group's SYS6010, an EGFR-targeting antibody-drug conjugate (ADC), is intended for relapsed or metastatic driver gene-negative non-squamous NSCLC. Multitude Therapeutics' AMT-116, a CD44v9-targeting ADC, is designed for EGFR wild-type non-squamous NSCLC patients who failed prior immunotherapy and chemotherapy. The simultaneous designations are expected to reshape NSCLC treatment in China and expand precision oncology options.

In September 2026, Shenzhen Salubris Pharmaceuticals applied for a Hong Kong listing, seeking an A+H structure after 17 years on the Shenzhen Stock Exchange. Since its 2009 A-share IPO, it has paid over RMB 7.8 billion in dividends, more than twice its fundraising. Under Chairman Ye Yuxiang, Salubris has shifted from generics to innovative biopharma focused on cardiorenal-metabolic (CKM) diseases. It now markets six innovative drugs and has built five proprietary platforms covering small molecules, antibodies, siRNA, cyclic peptides, and gene editing. Its pipeline includes 79 innovative drug candidates and 17 medical devices, led by the Maurora vertebral artery drug-eluting stent. Innovative drugs contributed 49% of H1 2026 revenue. Despite strong cash flow and growing innovation-driven revenue, Salubris is seeking a Hong Kong listing for a more favorable valuation amid perceived investor mispricing in mainland markets.

Biocytogen Pharmaceuticals has signed a non-exclusive license agreement with Qilu Pharmaceutical, granting rights to a single fully human nanobody molecule generated via its proprietary RenNano® platform for use in neuroscience drug development. The deal includes an upfront payment and additional milestone-based payments tied to development, regulatory, and commercialization achievements. Qilu Pharmaceutical will integrate the molecule into its R&D pipeline to explore innovative treatments for nervous system diseases, leveraging Biocytogen's nanobody technology to address the high scientific and translational challenges in neuroscience drug R&D.

The interim analysis of the HARMONi-2 trial revealed that Akeso's ivonescimab demonstrated superior overall survival compared to pembrolizumab (Keytruda) in first-line PD-L1-positive non-small cell lung cancer. By outperforming the world's top-selling cancer therapy on the most rigorous clinical endpoint, ivonescimab cements the cornerstone status of IO 2.0 bispecific antibodies, transitioning the narrative from 'me-too' substitution to undeniable superiority. This landmark clinical victory has catalyzed a rally in the biotech sector and marks a pivotal shift from theme-based trading to data-driven valuation, prompting investors to fundamentally reassess and upgrade the clinical and commercial value of Chinese innovative drugs on the global stage.

Huadong Medicine announced that its oral small-molecule GLP-1 receptor agonist HDM1002 (conveglipron) has met the primary endpoint in its Phase III trial for weight management in China, with a New Drug Application (NDA) planned for Q4 2026. Alongside parallel development for type 2 diabetes, the company is expanding its comprehensive metabolic pipeline, including the dual-target agonist HDM1005. This milestone marks a significant step in China's rapidly evolving oral weight-loss market, intensifying the competition in commercialization and multi-dimensional clinical value.

Hansoh Pharmaceutical Group has submitted a China marketing application for risvutatug rezetecan (HS-20093), a fully human B7-H3 ADC with a topoisomerase inhibitor payload, for platinum-refractory small cell lung cancer (SCLC). The filing is supported by positive Phase III ARTEMIS-008 results announced in July 2026, which met its primary overall survival endpoint and significantly improved survival versus topotecan, with consistent progression-free survival benefits. Safety remained consistent with prior studies. This is the first positive Phase III result showing a B7-H3 ADC can significantly improve overall survival. In December 2023, Hansoh granted GSK exclusive rights to develop and commercialize the drug outside Greater China, where GSK is conducting Phase III trials. As SCLC accounts for about 15% of lung cancers and has limited second-line options, HS-20093 could address a significant unmet medical need.

This issue highlights significant milestones for Legend Capital's healthcare portfolio companies. Harbour BioMed, Ribo Life Science, and Star Sports Medicine were included in the Hang Seng Composite Index, gaining Stock Connect eligibility. Key clinical and regulatory advancements include Innovent Biologics advancing its bispecific antibody into a third pivotal trial, Yilian Biopharm and lncTAC Biotech achieving approvals for novel ADCs and nucleic acid drugs, and Core Medical's artificial heart receiving EU MDR CE certification. Additionally, GenePlus Technology secured the world's first mNGS kit approval, and BioMap partnered with Legend-incubated Biogend on an AI-driven drug discovery NewCo. The update also covers breakthroughs in multi-ion therapy devices, Alzheimer's diagnostics, and strategic partnerships, alongside recognitions such as 19 portfolio companies being named to the 'GEI China Potential Unicorn Enterprises 2025' list.

At the 2026 ESC Congress in Munich, CSPC Pharmaceutical Group presented positive Phase II results for SYH2053, a novel PCSK9-targeting siRNA therapy for primary hypercholesterolemia and mixed dyslipidemia. The randomized, double-blind, controlled trial enrolled 156 Chinese patients across five groups. At Day 180, SYH2053 reduced placebo-adjusted LDL-C by 46.6%, 52.9%, and 46.4% at 150, 300, and 600 mg, respectively (all p<0.0001), with rapid and sustained reductions in LDL-C and PCSK9. The 300 mg group showed numerically greater LDL-C and PCSK9 reductions than 300 mg inclisiran with background therapy. SYH2053 had a favorable safety profile, with lower rates of liver enzyme elevation than inclisiran. Three Phase III trials are underway to further validate its efficacy and safety.

Suzhou Ribo Life Science Co., Ltd. presented promising Phase 1 clinical data for RBD5044, an siRNA therapeutic targeting ApoC3, at the ESC Congress 2026. A single dose of RBD5044 suppressed ApoC3 levels by up to 84% and reduced triglycerides by up to 70%, with durable effects sustained over six months. The drug demonstrated good safety and tolerability with no liver enzyme elevations. RBD5044 is currently advancing into Phase 2 clinical trials in China and Sweden for the treatment of hypertriglyceridemia.